How did Deutsche Bank clarify that suit bags meant fittings?

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Deutsche Bank Clarified Suit Fittings Amid Layoffs Through CEO's Rebuke

Deutsche Bank's Chief Executive, Christian Sewing, personally addressed and rebuked managers involved in arranging suit fittings at the London office on the same day significant layoffs occurred. This action, communicated to the German business daily Handelsblatt, served to clarify that the individuals seen carrying suit bags were present for fittings, not as departing employees, correcting assumptions made by some media outlets. The incident highlighted a perceived disconnect between management actions and the bank's stated values during a period of substantial restructuring.
CEO's Direct Intervention and Rebuke

Christian Sewing stated he had personally called the managers responsible for arranging the suit fittings. He expressed his inability to comprehend the decision to call tailors on a day when many colleagues in share trading were being informed of their department's closure. Sewing conveyed his expectation that these managers would not forget his admonishment, indicating a strong disapproval of their actions.
Media Misinterpretation of Visual Evidence

Following the events, certain media outlets had published images of men carrying suit bags from the Deutsche Bank office, interpreting these as evidence of departing employees. In reality, the individuals depicted were attending fittings for custom-tailored outfits, with reports from Financial News indicating these bespoke suits from Fielding and Nicholson could cost up to £1,500 each.
Alignment with Bank Values Under Scrutiny

The incident drew attention to Deutsche Bank's efforts, under Sewing and his predecessor John Cryan, to move away from an image associated with relentless growth and large bonuses prevalent before and after the 2008 financial crisis. Sewing explicitly told Handelsblatt that the London managers' behaviour was "in no way corresponds with our values," reinforcing the bank's commitment to a new corporate ethos.
Broader Context of Restructuring and Layoffs

The suit fitting occurred concurrently with a significant restructuring plan that includes the closure or sale of much of the bank's share trading business, alongside a refocus on corporate client services. This restructuring is set to result in approximately 18,000 layoffs, a move largely seen by analysts as necessary to revitalise the institution, though questions remain about the timing and potential for recovery.

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How did Deutsche Bank clarify that suit bags meant fittings?

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